Technological innovation, for a company, is a crucial factor that can determine its success, thanks to the positive impact it can have on management of organizational and production processes. In addition to its success, however, at least indirectly, it can also decree its failure.
Bill Gates once said:
“The way technology is being integrated into our lives is such that without it we would feel incomplete.”
Similarly, without efficient use of innovative technologies, enterprises are also incomplete. And they are in danger of disappearing.
In this guide you will find some tips on the most effective strategies for making the most of technological innovation for your startup.
Innovative technologies: the engine of business growth
It is worth clarifying right now what is meant when we talk about innovative technologies for companies. First of all, you should know that we are not just talking about what is called an innovative startup: technological innovation, in fact, is nowadays the driving force behind the growth of any business or public entity.
In this context, technological innovation should be understood not merely as the adoption of new digital tools, but also (and above all) as the impetus for a new conception of business processes, the creation of new business models, the study of faster and more effective communication paths and, finally, the continuous renewal of products and services offered to customers.
To be even clearer, the use of innovative technologies is the only way through which companies can respond to the new challenges dictated by an increasingly digitized, globalized and complex market. To succeed, technological innovation is not to be understood, however, as something generic, but must, on the contrary, be focused on concrete and well-defined challenges and needs.
How innovative technologies transform business models
It is time to address one question in particular in more depth and, namely: how can innovative technologies transform the business model? This, in fact, is the most profound change a business may decide to adopt, since it is the very processes by which the business generates its profits that are being redefined.
In the next few lines you will find some particularly effective strategies for investing in technological innovation.
Investing in technological innovation: Strategies for companies
With regard to production and organizational processes, significant improvement can be brought about, for example, by the adoption of automated production systems, which reduce costs while increasing efficiency.
The introduction of the so-called Internet of Things (IoT) is another example of innovative technology useful in securing a competitive advantage, which in practical terms translates into the possibility of predictive control and maintenance of facilities.
Of course, it is impossible not to mention Artificial Intelligence nowadays: this kind of innovative technology, in fact, when applied to predictive data analysis, allows companies to anticipate new market trends and thus offer customized and more effective solutions for customers.
Technological innovation and work: the role of smart working
Smart working, given its recent global explosion (fueled by the Covid-19 pandemic), deserves a separate discussion.
Rather than a necessity (related precisely to the emergency period that followed the spread of the coronavirus), smart working today is an opportunity for companies, which, by adopting this agile work mode, can cut costs for physical space and secure several other benefits in terms of productivity and beyond.
In light of this, the adoption of new digital tools (such as, for example, modern digital management software) must proceed not only in the direction of improving business efficiency and customer offerings, but also in line with the new needs of workers. This means, for example, that the new technologies adopted by the enterprise must be compatible and integrable with each other.
In a smart working context, all workers must be able to access files relevant to their specific tasks even using tools outside the company. Not only that: they must be able to take timely action on them at any time and from anywhere, so that everyone within the enterprise is informed of new scenarios in real time. Communications, likewise, must be stable and efficient even at a distance.
Cloud services and the tools to know
Cloud services, in the scenario just described, are undisputed protagonists. Cloud computing, in fact, ensures first of all economic savings, because the share of expenses related to the purchase of IT infrastructure and hardware (which, generally, represents a significant weight in the budget) is eliminated. In addition to money, time is saved: hardware facilities require routine and extraordinary maintenance work that cloud services, on the other hand, do not.
Another important advantage is related to security: all data are stored within highly protected digital environments. They can be accessed only by authorized users, at any time and from anywhere there is an Internet connection. In light of what has just been said, you will not be surprised to learn that flexibility is another major advantage provided to businesses by Cloud Computing.
Finally, there is one more aspect you need to consider in this analysis of the benefits of technological innovation for your business: you can leverage Cloud Computing for a multitude of purposes, from storing and backing up data to delivering on-demand software to customers, via workforce support, creating apps and services, and streaming audio and video for a global audience.
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